Lundin Petroleum to release third quarter report 2017 on 1 November 2017

Lundin Petroleum to release third quarter report 2017 on 1 November 2017

25 October 2017

Lundin Petroleum’s financial report for the third quarter 2017 will be published on Wednesday 1 November at 07.30 CET, followed by a live webcast at 9.00 CET.

Listen to Alex Schneiter, President and CEO, and Teitur Poulsen, CFO, commenting on the report and the latest developments in Lundin Petroleum.

Follow the presentation live on www.lundin-petroleum.com.

You can also dial in to listen to the presentation on the following telephone numbers:

Sweden:        +46 8 519 993 55
Norway:        +47 23 500 211
UK/International:     +44 203 194 05 50
International Toll Free:     +1 855 269 26 05

Link to webcast

Update on third quarter 2017 financial results

Update on third quarter 2017 financial results

18 October 2017

Lundin Petroleum AB (Lundin Petroleum) will expense pre-tax exploration costs and impairment charges of approximately MUSD 33 and recognise a net foreign exchange gain of approximately MUSD 185 for the third quarter of 2017.

The profitability for the third quarter of 2017 will be impacted by certain expensed exploration costs and impairment charges, as well as a net foreign currency exchange gain mainly related to the revaluation of loan balances. These items are largely non-cash and will have no impact on operating cash flow or EBITDA.

Exploration Costs
During the third quarter of 2017, Lundin Petroleum will incur pre-tax exploration costs of approximately MUSD 16 which will be charged to the income statement and offset by a tax credit of approximately MUSD 13. The exploration costs are mainly related to the non-commercial gas discovery on the Korpfjell well in PL859 and the dry well on the Børselv prospect in PL609.

Impairment
The Brynhild field has been shut-in for production since summer 2017 due to a restriction in the production flowline to the Haewene Brim FPSO. Specialised equipment has been ordered in an effort to clear the restriction in the production flowline and this operation is expected to take place during the fourth quarter of 2017. Consequently Lundin Petroleum will incur a non-cash impairment charge in relation to the Brynhild field in the third quarter of 2017 of approximately MUSD 17 with a corresponding tax credit of MUSD 14 resulting in a negative impact on the third quarter net results of MUSD 3.

Foreign Exchange Gain
Lundin Petroleum will recognise a net foreign exchange gain of approximately MUSD 185 for the third quarter of 2017. The Norwegian Krone and the Euro strengthened against the US Dollar by approximately 5 and 3 percent respectively during the third quarter of 2017 and the foreign exchange gain mainly relates to the revaluation of loan balances at the prevailing exchange rates at the balance sheet date.

Lundin Petroleum AB’s Nomination Committee

Lundin Petroleum AB’s Nomination Committee

10 October 2017

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce the composition of the Nomination Committee for the 2018 Annual General Meeting (AGM) to be held on 3 May 2018 in Stockholm.

The Nomination Committee has been formed with the following members:

· Åsa Nisell (Swedbank Robur Fonder)
· Filippa Gerstädt (Nordea Asset Management)
· Hans Ek (SEB Investment Management)
· Ian H. Lundin (Nemesia S.à.r.l and Landor Participations Inc., as well as Chairman of the Board of Directors of Lundin Petroleum)

At the Nomination Committee’s first meeting, Ian H. Lundin was elected as Chairman of the Nomination Committee.

The Nomination Committee shall make recommendations to the 2018 AGM regarding:

· Election of the Chairman of the 2018 AGM
· Election of members of the Board of Directors, including number of members
· Election of the Chairman of the Board of Directors
· Remuneration of the members of the Board of Directors, distinguishing between the Chairman and other members, and remuneration for Board Committee work
· Election of the auditor and remuneration of the auditor
· Nomination Committee Process for the 2019 AGM, if any amendments are proposed to the Process for the 2018 AGM

Shareholders who wish to present a motion to the Nomination Committee regarding the above-mentioned issues should contact the Chairman of the Nomination Committee, Ian H. Lundin, at
nomcom@lundin-petroleum.com not later than 15 January 2018.

Lundin spuds exploration well on the Hufsa prospect in the southern Barents Sea

Lundin spuds exploration well on the Hufsa prospect in the southern Barents Sea

9 October 2017

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has commenced drilling of exploration well 7219/12-2 on the Hufsa prospect in PL533 in the southern Barents Sea.

The well is located in PL533, south of the Filicudi oil discovery and the large Statoil operated Johan Castberg oil discovery.

The Hufsa prospect has multiple Jurassic and Triassic sandstone reservoir targets requiring a two branch well to test the full extent of the prospect. The first branch will target the Nordmela and the Tubåen formations and the second branch will target the Stø formation. The Hufsa prospect is estimated to contain gross unrisked prospective resources of 285 MMboe.

The well will be drilled with the semi-submersible drilling rig Leiv Eiriksson and is expected to take approximately 70 days.

Lundin Norway is the operator of PL533 with a 35 percent working interest. The partners are Aker BP with 35 percent and DEA Norge with 30 percent.

Børselv exploration well completed

Børselv exploration well completed

28 September 2017

Lundin Petroleum AB (Lundin Petroleum) announces that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has completed drilling of exploration well 7220/6-3 on the Børselv prospect in PL609 on the Loppa High in the southern Barents Sea. The well was dry.

The main objective of the well was to test the reservoir properties and hydrocarbon potential of
Permian-Carboniferous carbonate reservoirs.

The well encountered a 380 metres thick sequence of carbonates with medium to poor reservoir quality. Oil shows were found, but the reservoir was water bearing.

Extensive data acquisition was carried out in the reservoir, including conventional coring.

The well was drilled with the semi-submersible drilling rig Leiv Eiriksson to a total depth of 1,275 metres below mean sea level and in a water depth of 450 metres. The drilling rig will now proceed to drill the Hufsa prospect in PL533.

Lundin Norway is the operator of PL609 with a 40 percent working interest. The partners are DEA Norge AS and Idemitsu Petroleum Norge AS with 30 percent working interest each.

Further improvements on the Johan Sverdrup project

Further improvements on the Johan Sverdrup project

4 September 2017

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that Phase 1 of the Johan Sverdrup project is over halfway complete and that the partnership has further reduced the gross capital expenditure to NOK 92 billion.

Phase 1 of the Johan Sverdrup project continues to progress according to plan and is now close to 60 percent complete.

Due to improvements in project execution and delivery, gross Phase 1 development costs have been further reduced by NOK 5 billion to NOK 92 billion. This represents a saving of 25 percent compared to the original estimate in the plan for development and operation, excluding additional foreign exchange rate savings in US dollar terms.

Alex Schneiter, CEO and President of Lundin Petroleum comments: “The world class Johan Sverdrup project is progressing really well and continues to get better and better. It is very encouraging to see that we have now passed the halfway mark in Phase 1 of the project and are ahead of schedule. It has been my long held view that costs will continue to come down and today we can announce that the Johan Sverdrup partnership has managed to lower development costs even further.”

The breakeven price for the full field development is estimated to less than USD 25 per barrel and the total resources in the Johan Sverdrup field are estimated to between 2.0 and 3.0 billion barrels of oil equivalent.

Phase 1 remains firmly on track for first oil in late 2019 with an estimated production capacity of 440 Mbopd. Phase 2 will add another processing platform to the field centre which is estimated to increase the processing capacity for the full field to 660 Mbopd. Phase 2 is scheduled to start production in 2022.

Lundin Norway holds a 22.6 percent working interest in the Johan Sverdrup project and Statoil is the operator with 40.0267 percent. The remaining partners are Maersk Oil with 8.44 percent, Petoro with 17.36 percent and Aker BP with 11.5733 percent working interest.

Lundin spuds exploration well on the Børselv prospect

Lundin spuds exploration well on the Børselv prospect

31 August 2017

Lundin Petroleum AB (Lundin Petroleum) is pleased to announce that its wholly owned subsidiary Lundin Norway AS (Lundin Norway) has commenced drilling of exploration well 7220/6-3 on the Børselv prospect in PL609 on the Loppa High in the southern Barents Sea.

The well is located on-trend north of the Alta and Neiden oil discoveries, approximately 18 km northwest of the Neiden discovery well.

The main objective of the well is to test the reservoir properties and hydrocarbon potential ofPermian-Carboniferous carbonate reservoirs. The Børselv prospect is estimated to contain gross unrisked prospective resources of 244 MMboe.

The well will be drilled with the semi-submersible drilling rig Leiv Eiriksson and is expected to take approximately 35 days. Planned total depth for the well is approximately 1,300 metres.

Lundin Norway is the operator of PL609 with a 40 percent working interest. The partners are DEA Norge AS and Idemitsu Petroleum Norge AS with 30 percent working interest each.

Small gas discovery on the Korpfjell prospect in the southeastern Barents Sea

Small gas discovery on the Korpfjell prospect in the southeastern Barents Sea

29 August 2017

Lundin Petroleum AB (Lundin Petroleum) announces that Statoil AS (Statoil) has completed the Korpfjell exploration well 7435/12-1 in PL859 in the southeastern Barents Sea. The well proved a small, non-commercial gas discovery.

The main objective of the well was to prove oil in reservoir rocks from middle Jurassic to late Triassic age. The well encountered a gas column of 34 metres in sandstone with good reservoir quality in the main target. The Korpfjell gas discovery is estimated to contain gross resources between 40 and 75 million barrels of oil equivalent (MMboe).

Extensive data acquisition and sampling have been carried out and analysis of the well data will now commence.

This is the first exploration well to be drilled in PL859, which was awarded in the 23rd licensing round in 2016.

Alex Schneiter, CEO and President of Lundin Petroleum comments: “The southern Barents Sea remains an exciting exploration area with significant yet to find prospective resources and where the Company has established a large acreage position with prospectivity on three high impact trends.

While the results of the Korpfjell well are not what we hoped for, it is the first well to be drilled in the southeastern Barents Sea and more exploration will be needed to understand the potential of this area. Further drilling is expected to take place in 2018 in PL859 to test additional prospectivity. Additionally, a well is being planned next year on the large Signalhornet prospect in PL857, located some 300 km south of Korpfjell.

We are also drilling three further high impact exploration wells on the Loppa High and Filicudi trends in the southern Barents Sea before the end of the year, and so we remain excited about the significant exploration potential in the area.”

The well was drilled using the semi-submersible drilling rig Songa Enabler to a vertical depth of 1,540 meters below the sea surface and in a water depth of 253 meters. The well will be permanently plugged and abandoned.

Lundin Norway holds a 15 percent working interest in PL859. Statoil is the operator with 30 percent and the remaining partners are Chevron with 20 percent, Petoro with 20 percent and ConocoPhillips with 15 percent.

Lundin Petroleum to repurchase shares

Lundin Petroleum to repurchase shares

3 August 2017

The Annual General Meeting (AGM) of Lundin Petroleum AB (“Lundin Petroleum” or the “Company”) held on 4 May 2017 resolved to authorise the Board of Directors of Lundin Petroleum to decide on repurchase of own shares. The Board of Directors has, based on the authorisation, resolved on 3 August 2017 to initiate a repurchase program. The purpose of the repurchase program is to optimise Lundin Petroleum’s capital structure and to thereby create added value for the shareholders, to secure Lundin Petroleum’s obligations under its incentive plans and to cover costs, including social security charges, that may arise as a result of such incentive programs.

The repurchase of shares may only take place on NASDAQ Stockholm and only at a price within the price interval prevailing at any given time. The maximum number of shares repurchased shall be such that shares held in treasury from time to time shall not exceed ten percent of all shares of the Company. Shares may be repurchased at one or more occasions up until the AGM in 2018.

Lundin Petroleum currently does not hold any own shares.

For the complete authorisation, please refer to the Company’s website www.lundin-petroleum.com